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A meeting of the shareholders in the above was held yesterday afternoon in the Sailors' Rest, Port Chalmers. Mr John Morgan occupied the ohair, and there were twentyone shareholders present. The ohairman read the following report:—• The directors have pleasure in submitting to the shareholders the first balance-sheet of the Port Ohalmors Gas Company, made up to August 81,1889. The period embraced therein is from June 30, 1888, to the above date, or fourteen months; the date of closing the accounts being determined by the resolution of shareholders at the last general meeting. The profit and loss account, inclusive of the amount brought forward from June, 1888, shows a net balance of L 272 8s Bd, or over 10J per cent, on the capital paid np. A considerable amount, however, remains rnpaid of the calls on tho shareholders originally projected in the prospectus, and these the directors have not until recently demanded in view of the delay in obtaining title to the site arranged for the erection of new works, These calls are subject to 8 per cent, interest, but on the ether hand they participate in any dividend declared, the amount of such dividend being applied to the liquidation of the calls. Taking these into account for dividend, along with the capital paid up. the amount participating in division of the profits would be on which the directors recommend a dividend of Z percent., whioh would absorb L26816s of the profit. It will be remembered, however; that the purchase of the plant and buildings was made at the outset of the company's operations', wbjlst tho capita} was made payable, in small perfodio payments, and the item of interest at the debit of profit and loss account, chiefly due to this arrangement and to the purchase of plant, will not he incurred to any extent daring the nest period, In view of an extension of the working plant to

increase supply and diminish cost of production the directors ordered from England purifiers and retorts. These arrived some time ago, and are available for erection on trw new site as may be determined upon. Messrs David Law and George Chicle were elected directors, Messrs W. Brown and Co. re-elected auditors, and the report and balance-sheet adopted.

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Bibliographic details

PORT CHALMERS GAS COMPANY., Issue 8016, 19 September 1889

Word Count

PORT CHALMERS GAS COMPANY. Issue 8016, 19 September 1889

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